Word: amex
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...this effort Johnson and six cronies combined forces with James Robinson III, the well-liked but not especially effective CEO of American Express, and Peter Cohen, the not-so-well-liked and not-at-all-effective chairman and CEO of Amex's subsidiary, Shearson Lehman Hutton. The triumvirate offered stockholders a bid of $75 a share, which added up to billions less than RJR was worth, making it quite a steal. Worse, the deal left Johnson in control and allowed him a package under which he and his pals could haul in as much as $2.5 billion. Yes, billion...
...agreed to step down when a successor was found. Then, after a divisive battle, Robinson faced down the board and early last week held to the chairmanship, picking his chosen successor, Harvey Golub, as chief executive. Three dissident directors resigned. Robinson's triumph lasted just four days, during which Amex stock dropped 13%. Investor groups began to call in. On Friday, yielding to pressure from all sides, Robinson gave up. "We made what we thought was the best decision, the right decision. However, it led to unnecessary confusion in the minds of some investors and the press," he said...
...discusses credit-card interest rates with a goldfish, yet. In another ad, he watches as a wealthy consumer is rebuffed by the salesclerk when he proffers the card. Says Seinfeld: "What! You pick the clothes, he picks the card?" Perfect casting. Seinfeld's message drips with a sarcasm that Amex could not deliver directly...
...holiday cheer between American Express and Laura Ashley, the clothing chain. Last week the charge-card giant ceased doing business with the retailer, accusing Laura Ashley of persuading customers to use other cards. As a result, the 520 Ashley stores around the world have had to stop accepting Amex charges. Ashley had been trying for some time to bargain down the fees it pays for purchases on the card. The bicker exploded into a brawl when a shopper, who turned out to be an American Express executive, was discouraged from using her card at an Ashley store in New Jersey...
...them together for lunch. Linda, 38, the daughter of Freeman Gosden, who played Amos on the Amos and Andy show, was a deputy press secretary in Ronald Reagan's first presidential campaign. A quick study, she had risen to senior vice president for corporate affairs at Warner Amex Cable, a joint venture of Warner Communications and American Express, by the time she married Robinson in 1984. Two years later she launched Robinson Lake, which has since been acquired by the giant advertising firm Bozell, Jacobs, Kenyon & Eckhardt...